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387 Unit | Article XI | Affordable Housing Opportunity with Value-Add Potential | Assumable Favorable Debt

Market Price

816 Ocean Avenue, Brooklyn, NY 11226

Active
Last Updated: 11/21/2024

411,892 sqft

Combined Building Size

117,409 sqft

Combined Lot Area

Details:
Combined Building Size :    411,892 sqft
Combined Lot Area :    117,409 sqft
Total Units :    387
Zoning:    R7A & R7-1
Highlights:
  • Approximately 411,892 gross square feet with 387 residential units
  • Beneficiary of an Article XI tax abatement with 1% GRT until 3/31/2050
  • Recent 610 amendment to existing regulatory agreement allows for significant revenue growth
  • Located in a prime location throughout Prospect Park South
  • Convenient access to transportation - multiple subway and bus routes throughout (B&Q lines & B35 bus stop)
  • Apartment unit mix consists of 33 studios, 154 one-bedrooms, 121 two-bedrooms, 56 three-bedrooms, 14 four-bedrooms and 9 five-bedrooms
  • Accretive assumable long-term debt with a senior mortgage of $66M at an interest rate of 4.20% and a subordinate mortgage of $7.3M at a 3.49% interest rate maturing in 2041
Description:

The portfolio includes the following addresses:
816 Ocean Ave
682 Ocean Ave
672 Ocean Ave
666 Ocean Ave
280 E 21st St
95 E 18th St
91 East 18th St
221 Linden Blvd

Map:
Documents:
Title
Listing Setup
PPSP_Portfolio_Setup_TEASER.pdf
prospect-park-south-portfolio_main.jpg
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